High price of housing, lagging wages are pushing millennials out of Metro Vancouver: report
Posted May 21, 2015 7:40 am.
This article is more than 5 years old.
METRO VANCOUVER (NEWS1130) – It’s a growing threat to Metro Vancouver’s economy: the exodus of young workers who simply can’t afford to live and work in the region.
Three quarters of millennials say owning a home is a long-term goal, but a report from Vancity outlines how tough that actually is.
Right now, the average household needs to earn $123,000 annually to pay for the average monthly mortgage in Metro Vancouver.
By the year 2025, Vancity predicts that figure will jump to nearly $198,000 and the report points out even highly skilled young people starting off in careers such as family doctors or firefighters won’t make enough to cover that.
The report suggests that is pushing young people to other, more affordable cities, which is affecting the labour market and creating a threat to the local economy.
“Part of the conversation is around helping people understand that they can save and build for their future retirement or their future financial goals without owning a home,” says Andrew Broderick, Vancity’s vice president of community investment.
Broderick tells the Vancouver Sun young people may have to shift the expectations while businesses push for more affordable housing and “living wages” in Metro Vancouver.
